coop board: PREPARING TO SELL YOUR COOP - 07/19/15 01:27 PM

 
Information & Documents Needed  
 
Gather the Offering Plan, Purchase Application, and Building Rules and Regulations. (These may be in your own files, with your attorney, or you may need to contact the board for copies. Your buyer will need it as soon as there is an accepted offer.)Collect copies of the building’s financials for the past two years.Check your shareholder’s certificate and make sure both your listing agent and your attorney are aware of the exact name(s) on the shareholder’s certificate. 
Building Details
 
How many units are in the building? Does the building offer storage and/or bike storage? If so, is … (4 comments)

coop board: Typical NYC Coop Board Interview - 11/18/13 12:31 AM

 
Co-op ownership differs from that of Condominiums in that you own shares in a Corporation instead of holding Title to a piece of property.  The Corporation is governed by a Board of Directors.  It is this Board that establishes what the requirements are in order to purchase an apartment in their building. After board application package is submitted and reviewed, the board will request an interview.
 
Co-ops vs. Condos: Understanding Manhattan Housing Coop Board Requirements - What Coop Boards Ask For Buying A coop - Be Prepared The Co-op Board Interview: Tips to Help Pass a Coop Board … (9 comments)

coop board: Buying a Coop: Be Prepared and Qualified - 10/29/11 08:18 AM
Buying a Co-op
 
Being Prepared to Fulfill the Requirements of the Board
 
Manhattan Co-op ownership differs from that of Condominiums in that you own shares in a Corporation instead of holding Title to a piece of property.  The Corporation is governed by a Board of Directors.  It is this Board that establishes what the requirements are in order to purchase an apartment in their building.


Unlike condominiums a purchaser can be rejected by the coop board. In a Manhattan condominium the board only has first right of refusal and must buy the apartment for the same terms … (9 comments)

coop board: Coop Board Requirements - What Do Coop Boards Ask For? - 10/10/11 02:05 AM
 What Do Co-op Boards Ask For - Require?

A: Detailed personal and financial information. If you're a first time buyer of a coop below is the typical information and documents required to be submitted with a coop board package. All coop purchasers (except sponsor sales) are required to submit a board package. The board will review the package, if it looks in order they will schedule an interview with purchaser.
A Co-op board will require complete financial disclosure. They will look into your financial history, current and past income, assets, liabilities and references when evaluating your board package.
The following … (4 comments)

coop board: The Co-op Board Interview: Tips to Help Pass a Coop Board Interview - 08/25/06 06:23 AM
A co-op is a form of home ownership that is different than owning real property such as a condo or a house. In a coop each unit is allocated shares. The purchaser buys the shares in the housing corporation. Co-ops are corporations with a board of directors and shareholders. Coops are unique to NYC in the fact that approximately 75% of our properties for sale are co-ops.
When a co-op rejects a purchaser many people are affected. Not only the buyer. The brokers do not get paid. The sellers who have a deposit on a new home might have to forfeit their deposit. … (10 comments)

 
Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (Compass) Rainmaker large

Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn

Manhattan, NY

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